Section 12(a) Overseas Investment Act 2005
|Decision Date||27 June 2017|
An overseas investment in sensitive land, being the Applicant's acquisition of:
|Consideration||Withheld under s(9)(2)(b)(ii) of the Official Information Act|
|Applicant||Te Hau Station Limited|
Phillip Maxwell Colebatch, Australia (100.0%)
|Vendor||Various New Zealand land owners|
New Zealand (100%)
The Applicant’s current interests in New Zealand include Te Hau Station (2307 hectares), Wheterua Station (1037 hectares) and other land in Whatatutu (234 hectares). The Applicant’s holding company, Antipodean Lands Limited, also owns another subsidiary company, Moanui Farm Limited, which owns and operates Moanui Station (797 hectares).
The Applicant is acquiring land to replace land that it is selling to Riversun Nursery Limited, one of New Zealand’s leading suppliers of grafted grapevines. Riversun operates a field nursery in Whatatutu and its business is highly susceptible to bad weather. Due to recent weather events, it wants to move all its nursery production to land that is frost and hail protected and intensively sheltered and drained.
The adjoining land is highly suitable and is owned by the Applicant. Riversun is currently leasing that land but wants to purchase it to undertake development of the land. The Applicant does not wish to sell this land to Riversun unless it can replace it with other suitable land in order to continue its farming operations in Whatatutu.
The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:
Overseas Investment Act 2005
Overseas Investment Regulations 2005
|More information||Olivia Macgregor|
Tavendale and Partners Limited
PO Box 442